Payment_Bond.pdf
PDF 141 KB Posted
- Attached to
- Community Center IT Room AC Replacement
- Solicitation number
- IFB# 26-010
- Issued by
- New London County, Connecticut
About this file
This is a Payment Bond template document for the Town of Waterford, Connecticut, to be executed in connection with the Community Center IT Room AC Replacement project. The bond serves as a financial guarantee that the contractor will make full payment to all subcontractors, laborers, material suppliers, and other parties performing work or furnishing materials for the HVAC replacement project. The bond is structured as a three-part instrument executed by the principal contractor, surety, and owner, with the penal sum to be determined based on the contract value. The bond condition requires that all persons, firms, and corporations furnishing materials or labor receive payment, including costs for materials, equipment, insurance premiums, and labor performed by any subcontractors or other parties engaged in the work.
The surety assumes full liability for payment obligations and waives notice of any changes, extensions, alterations, or additions to the contract terms or work specifications. The bond incorporates the provisions of Connecticut General Statutes Section 49-41a and remains in full force notwithstanding final settlement between the owner and contractor, ensuring that any unsatisfied claims by beneficiaries are preserved. The bond must be dated on or after the contract execution date and, if the contractor is a partnership, all partners must execute the instrument. This payment bond protects the Town of Waterford and all parties contributing to the AC replacement project from non-payment by the contractor.
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Text version
PAYMENT BOND
Bond #____________
KNOW ALL PERSONS BY THESE PRESENTS:
That we _______________________________________________________________________ (Name of Contractor) a _________________________________________________hereinafter called “Principal” and (corporation, partnership or individual)
_____________________________, of ______________________, State of _______________, (Surety) hereinafter called “Surety” are held and firmly bound unto ______________________________, (Owner) of ____________________________________, hereinafter called “Owner”, in the penal sum of
_______________________________________________________________________ Dollars ($_________________________) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that Whereas, the Principal entered into a certain contract with the Owner, dated the ______ day of ___________________, 20__, a copy of which is hereto attached and made a part hereof for the construction of:
NOW, THEREFORE, if the Principal shall make payment to all persons, firms, subcontractors, and corporations furnishing materials for or performing labor in the prosecution of the work provided for in such contract, and any authorized extension or modification thereof, including all amounts due for materials, lubricants, oil, gasoline, coal and coke consumed, repairs on machinery, equipment and tools, or insurance premiums on said work, and for all labor, performed in such work whether by subcontractor or otherwise, then this obligation shall be void;
otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said surety, for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract or to the work to be performed thereunder or the specifications accompanying the same shall in any way affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the contract or to the work or to the specifications.
PROVIDED, FURTHER, that no final settlement between the Owner and the Contractor shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.
PROVIDED, FURTHER, that the provisions of Sec. 49-41a of the Connecticut General Statutes are incorporated herein and made a part hereof. Any provision of this bond contrary to such statutory provisions shall not be enforceable.
IN WITNESS, WHEREOF, this instrument is executed in three (3) counterparts, each one of which shall be deemed an original, this the _____ day of _________________, 20__.
Principal
ATTEST:
________________________________ By _________________________(S) (Principal) Secretary
(SEAL) (Address - Zip Code)
Witness as to Principal
(Address - Zip Code)
ATTEST: Surety
_________________________________ By _________________________(S) (Surety) Secretary Attorney-in-Fact
(SEAL) (Address - Zip Code)
Witness as to Surety
(Address - Zip Code)
NOTE: Date of Bond must not be prior to date of Contract. If Contractor is Partnership, all partners should execute bond.
File details come from the government source that posted it. Updated .